Terms Used In Indiana Code > Title 4 > Article 33 > Chapter 2 - Definitions

• Accepting insurer: means the insurer that is a party to a reinsurance transaction and that reinsures insurance, annuity, and endowment risks or liabilities of another insurer. See Indiana Code 27-6-1.1-1
• account: means any one (1) of the three (3) accounts created by section 5 of this chapter. See Indiana Code 27-6-8-4
• actuary: means a person who is a member in good standing of the American Academy of Actuaries. See Indiana Code 27-6-9-1
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• armed forces: means the active and reserve components of the following:

  Indiana Code 27-7-14-1

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Assigned risk plan: means the plan by which members of the worker's compensation rating bureau provide for the insurance of rejected risks. See Indiana Code 27-7-2-2
• association: means the Indiana Insurance Guaranty Association created by section 5 of this chapter. See Indiana Code 27-6-8-4
• Assumption reinsurance: means a transaction in which one (1) insurer assumes all or a portion of the insurance, annuity, and endowment risks or liabilities of another insurer and thereby becomes directly and primarily liable to the insured, beneficiary, or policyholder under the policies and contracts subject to the reinsurance transaction. See Indiana Code 27-6-1.1-1
• Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
• Automated Clearing House Network payment: means a payment made under National Automated Clearing House Association standards adopted in 45 C. See Indiana Code 27-4-10-1
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bureau: means the worker's compensation rating bureau of Indiana. See Indiana Code 27-7-2-2
• cancellation: refers to a termination of property insurance coverage that occurs during the policy term. See Indiana Code 27-7-12-2
• casualty insurance company: has the meaning set forth in IC 27-1-2-3(t). See Indiana Code 27-7-14-2
• Ceding insurer: means the insurer that is a party to a reinsurance transaction and whose insurance, annuity, and endowment risks or liabilities are reinsured. See Indiana Code 27-6-1.1-1
• classification: means the plan, system, or arrangement for recognizing differences in exposure to hazards among industries, occupations, or operations of insurance policyholders. See Indiana Code 27-7-2-2
• closing agent: means a person that:

  Indiana Code 27-7-3.7-1

• closing protection letter: means a written indemnification of or undertaking to a party to a real estate transaction by a principal that specifies the extent to which the principal is responsible for intentional or unintentional misconduct or errors of an agent of the principal in connection with the closing of the real estate transaction. See Indiana Code 27-7-3-2
• commissioner: means the commissioner of insurance of this state. See Indiana Code 27-6-8-4
• commissioner: refers to the insurance commissioner appointed under IC 27-1-1-2. See Indiana Code 27-6-9-2
• Commissioner: means the insurance commissioner of this state. See Indiana Code 27-7-2-2
• commissioner: shall mean the insurance commissioner. See Indiana Code 27-7-3-2
• Commissioner: refers to the commissioner of insurance. See Indiana Code 27-7-8-1
• commissioner: refers to the insurance commissioner. See Indiana Code 27-7-9-1
• Company: means an insurance company and includes all persons, partnerships, corporations, or associations engaged in making worker's compensation insurance under the laws of this state. See Indiana Code 27-7-2-2
• company: shall mean and include any corporation, domestic or foreign, to which this chapter is applicable. See Indiana Code 27-7-3-2
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• consumer: means an individual who receives a recommendation to purchase or exchange an annuity that results in the recommended purchase or exchange. See Indiana Code 27-4-9-2
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• controlling person: means any person, firm, association, limited liability company, or corporation who directly or indirectly has the power to direct or cause to be directed, the management, control, or activities of a reinsurance intermediary. See Indiana Code 27-6-9-3
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• covered claim: means an unpaid claim which arises out of and is within the coverage and not in excess of the applicable limits of an insurance policy to which this chapter applies issued by an insurer, if the insurer becomes an insolvent insurer after the effective date (January 1, 1972) of this chapter and (a) the claimant or insured is a resident of this state at the time of the insured event or (b) the property from which the claim arises is permanently located in this state. See Indiana Code 27-6-8-4
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• dental care: means services provided by a dentist within the scope of the dentist's licensure under IC 25-14. See Indiana Code 27-4-10-2
• dental provider: means :

  Indiana Code 27-4-10-3

• Department: means the department of insurance of this state. See Indiana Code 27-7-2-2
• department: shall mean the department of insurance of the state of Indiana. See Indiana Code 27-7-3-2
• Department: refers to the department of insurance. See Indiana Code 27-7-8-1
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• drought insurance: means insurance that covers the loss of or damage to crops caused by an insufficient amount of rainfall. See Indiana Code 27-7-11-1
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• electronic funds transfer payment: includes a payment by any method of electronic funds transfer other than an Automated Clearing House Network payment. See Indiana Code 27-4-10-4
• Employee: means an individual employed or permitted to work or perform services for remuneration under a contract of hire, written or oral, by an employer. See Indiana Code 27-7-8-1
• Employer: means a person who hires an employee. See Indiana Code 27-7-8-1
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• escrow account: means a checking account established by a closing agent with a:

  Indiana Code 27-7-3.7-2

• escrow transaction: means a transaction in which a person deposits with a closing agent funds that are to be held until:

  Indiana Code 27-7-3.7-3

• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Experience rating: means a rating procedure utilizing past insurance experience of the individual policyholder to forecast future losses by measuring the policyholder's loss experience against the loss experience of policyholders in the same classification to produce a prospective premium credit, debit, or unity modification. See Indiana Code 27-7-2-2
• Fiduciary: A trustee, executor, or administrator.
• financial responsibility: means the ability to respond in damages as described in IC 9-25-2-3. See Indiana Code 27-7-5.1-1
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Germane: On the subject of the pending bill or other business; a strict standard of relevance.
• good funds: means funds in any of the following forms:

  Indiana Code 27-7-3.7-4

• Grantor: The person who establishes a trust and places property into it.
• group: means a group of individuals who:

  Indiana Code 27-7-14-3

• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• health insurance plan: means :

  Indiana Code 27-4-10-5

• health insurer: means an entity or person that issues a health insurance plan. See Indiana Code 27-4-10-6
• health maintenance organization: means an entity that provides or arranges for delivery of dental care under a certificate of authority issued under IC 27-13. See Indiana Code 27-4-10-7
• high net worth insured: means the following:

  Indiana Code 27-6-8-4

• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Indemnity reinsurance: means a transaction in which one (1) insurer agrees to indemnify another insurer for all or a portion of the insurance, annuity, and endowment risks or liabilities of the ceding insurer. See Indiana Code 27-6-1.1-1
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• insolvent insurer: means (a) a member insurer holding a valid certificate of authority to transact insurance in this state either at the time the policy was issued or when the insured event occurred and (b) against whom a final order of liquidation, with a finding of insolvency, to which there is no further right of appeal, has been entered by a court of competent jurisdiction in the company's state of domicile. See Indiana Code 27-6-8-4
• insurer: means any person, firm, association or corporation duly licensed in Indiana pursuant to the applicable provisions of the insurance law as an insurer. See Indiana Code 27-6-9-4
• Insurer: means a person who obtains a certificate of authority under IC 27-1-3-20. See Indiana Code 27-7-8-1
• insurer: has the meaning set forth in IC 27-1-2-3(x). See Indiana Code 27-7-9-2
• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Legal insurance: means insurance against class 2(m) risk of loss as described in IC 27-1-5-1. See Indiana Code 27-7-8-1
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• licensed producer: means an insurance producer, broker, or reinsurance intermediary licensed pursuant to the applicable provision of the insurance law. See Indiana Code 27-6-9-5
• Lien: A claim against real or personal property in satisfaction of a debt.
• member insurer: means any person who is licensed or holds a certificate of authority under IC 27-1-6-18 or IC 27-1-17-1 to transact in Indiana any kind of insurance for which coverage is provided under section 3 of this chapter, including the exchange of reciprocal or inter-insurance contracts. See Indiana Code 27-6-8-4
• mine subsidence: means the collapse of an underground coal mine resulting in damage to a structure. See Indiana Code 27-7-9-3
• Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• motor vehicle insurance: means the type of insurance described in IC 27-1-5-1, Class 2(f). See Indiana Code 27-7-14-6
• motor vehicle insurance policy: means a policy that provides the kind of coverage described in Class 2(f) of IC 27-1-5-1. See Indiana Code 27-7-5.1-2
• net direct written premiums: means direct gross premiums written in this state on insurance policies to which this chapter applies, less return premiums thereon and dividends paid or credited to policyholders on such direct business. See Indiana Code 27-6-8-4
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: means an individual, an aggregation of individuals, a corporation, a partnership, or another entity. See Indiana Code 27-6-8-4
• Person: includes individuals, corporations, firms, companies, associations, and partnerships. See Indiana Code 27-7-2-2
• Person: means an individual, partnership, corporation, limited liability company, business trust, or association. See Indiana Code 27-7-8-1
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• premium: has the meaning set forth in IC 27-1-2-3(w). See Indiana Code 27-7-9-4
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• provider billing agent: means a person or entity that contracts with a dental provider to provide billing services for the dental provider, including:

  Indiana Code 27-4-10-8

• qualified United States financial institution: means an institution that:

  Indiana Code 27-6-9-11

• Quorum: The number of legislators that must be present to do business.
• Rate: means the cost of insurance per exposure base unit, prior to any application of individual risk variations based on loss or expense considerations, and does not include minimum premiums. See Indiana Code 27-7-2-2
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• reinsurance intermediary: means :

  Indiana Code 27-6-9-6

• reinsurer: means any person, firm, association, or corporation duly licensed in Indiana pursuant to the applicable provisions of the insurance law as an insurer with the authority to assume reinsurance. See Indiana Code 27-6-9-9
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• securities commissioner: refers to the commissioner appointed by the secretary of state under IC 23-19-6-1(a). See Indiana Code 27-4-9-1
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Statistical plan: means the plan, system, or arrangement used in collecting data. See Indiana Code 27-7-2-2
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• structure: means any dwelling, building, or fixture permanently fixed to real property. See Indiana Code 27-7-9-5
• Summons: Another word for subpoena used by the criminal justice system.
• Supplementary rate information: means any manual or plan of rates, classification system, rating schedule, minimum premium, rating rule, rating plan, and any other similar information needed to determine the applicable premium for an insured. See Indiana Code 27-7-2-2
• Supporting information: means the experience and judgment of the filer and the experience or data of other companies or organizations relied on by the filer, the interpretation of any statistical data relied on by the filer, descriptions of methods used in making the rates, and any other similar information required to be filed by the commissioner. See Indiana Code 27-7-2-2
• termination: means a cancellation or nonrenewal. See Indiana Code 27-7-12-2
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• title insurance: means a contract of insurance against loss or damage on account of encumbrances upon or defects in the title to real estate. See Indiana Code 27-7-3-2
• title policy: means a policy issued by a company that:

  Indiana Code 27-7-3-2

• title search: means a search and examination of the public records sufficient to determine:

  Indiana Code 27-7-3-2

• to be in violation: means that the reinsurance intermediary, insurer, or reinsurer for whom the reinsurance intermediary was acting failed to substantially comply with the provisions of this chapter. See Indiana Code 27-6-9-10
• to renew: refers to :

  Indiana Code 27-7-12-2

• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• uninsured motorist with a previous violation: means an individual who:

  Indiana Code 27-7-5.1-4

• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• Venue: The geographical location in which a case is tried.
• Verdict: The decision of a petit jury or a judge.
• Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
• virtual claim payment: means a type of electronic funds transfer in which:

  Indiana Code 27-4-10-9

• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5